Senores Pharmaceuticals, an innovative pharmaceutical company, is set to raise ₹582.11 Crore through its Book Built Issue, which consists of a Fresh Issue of 127.87 lakh shares worth ₹500.00 Crore and an Offer for Sale of 21.00 lakh shares amounting to ₹82.11 Crore. The IPO opens for subscription on December 20, 2024, and closes on December 24, 2024. The price band is set between ₹372 to ₹391 per share, with a market capitalization of ₹1,800.69 Crore at the upper price band.

The IPO lot size is 38 shares, with a minimum investment of ₹14,858 for retail investors. High-Net-Worth Individuals (HNIs) need to invest a minimum of ₹208,012 for 14 lots. The IPO subscription has shown 0.93x coverage on its first day of subscription as of December 20, 2024. The Grey Market Premium (GMP) is ₹78, indicating a potential 19.94% listing gain.

IPO Objectives: Senores Pharmaceuticals intends to use the proceeds for various purposes, including investment in subsidiaries, capital expenditure for manufacturing facilities, repayment of borrowings, and working capital requirements. A portion of the funds will also be used for inorganic growth through acquisitions.

Company Financials: Senores Pharmaceuticals reported revenues of ₹1,833.53 million for the period ending September 30, 2024, showing impressive growth from previous years. The company’s EBITDA for FY24 stands at ₹469.08 million, with a Profit After Tax (PAT) of ₹239.43 million. Despite showing strong growth, the P/E ratio of the IPO is 32.02x pre-issue and 55.05x post-issue, above the industry P/E ratio of 39x, suggesting the IPO is fully priced.

IPO Allotment: The allotment date for Senores Pharmaceuticals IPO is set for December 26, 2024, and investors can check their allotment status on the registrar’s website. The listing date is expected on December 30, 2024, on both BSE and NSE.

Given the valuation and GMP, which suggest modest listing gains, we advise caution for investors aiming for listing gains. The IPO may be priced adequately, but investors should consider long-term prospects before making decisions.

The Upcoming IPOs in this week and coming weeks are Solar91 Cleantech, Unimech Aerospace, Anya Polytech, Rosmerta Digital, Indo Farm, and Avanse Financial.

The Current active IPO is Ventive Hospitality, Senores Pharmaceuticals, Carraro India, Transrail Lighting, Mamata Machinery, DAM Capital, Sanathan Textiles, Concord Enviro, Newmalayan Steel, Identical Brain Studios.

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